S-20 CS Marumori-machi Power Plant

Security code

S-1 CS Shibushi-shi Power Plant

Asset Manager
Canadian Solar Asset management K.K.

7th FP (ended December 2020)

Presentation Materials
Canadian Solar Infrastructure Fund, Inc.

Table of Contents
1. Financial Highlights

・・・・・・・・・ 2

Financial Highlights of 7th FP ・・・・・・・・・・・・・・

3

Portfolio Performance ・・・・・・・・・・・・・・・・・

4

Asset List (1) ・・・・・・・・・・・・・・・・・・・・・
Asset List (2) ・・・・・・・・・・・・・・・・・・・・・

7
8

2. Major Topics ・・・・・・・・・・・・・ 9
AUM Snapshot ・・・・・・・・・・・・・・・・・・・・・ 10
Unit Price Performance ・・・・・・・・・・・・・・・・・ 11
Credit Rating and Issuance of Green Bonds ・・・・・・・ 12
Debt Profile (1) ・・・・・・・・・・・・・・・・・・・・

13

Debt Profile (2) ・・・・・・・・・・・・・・・・・・・・

14

Impact of Curtailment by Kyushu ElectricPower ・・・・・・・・・・・・・・・・・・・・・・・・・
Responses Related to Curtailment・・・・・・・・・・・・
ESG Initiatives (UN PRI / Wholesale Electricity
Supply) ・・・・・・・・・・・・・・・・・・・・・・・・
ESG Initiatives (Green Finance) ・・・・・・・・・・・・・
Government’s Proactive Stance for Carbon
Neutrality ・・・・・・・・・・・・・・・・・・・・・・・
Main Points of the Revised Renewable Energy Act ・・・・
Discussions on Power Producer-Side Wheeling
Charge・・・・・・・・・・・・・・・・・・・・・・・・・

15
16
17
18
19
20
21

3. Summary of Public Offering in March
2021 and Management Policy・・・・・ 22
Summary of Public Offering in March 2021・・・・・・・・
Newly Acquired Assets in 8th FP・・・・・・・・・・・・・
Summary of Debt Finance at Public Offering ・・・・・・・
8th, 9th & 10th FP Business Forecast ・・・・・・・・・・
Historical and Forecasted Dividend・・・・・・・・・・・・
External Growth Strategy（Sponsor Pipeline） ・・・・・・

23
24
25
26
27
28

Appendix ・・・・・・・・・・・・・・・ 29
Overview of Canadian Solar Group・・・・・・・・・・・ 30

Canadian Solar Group’s Vertically-integrated Business
Model ・・・・・・・・・・・・・・・・・・・・・・・・・
Organizational Structure ・・・・・・・・・・・・・・・・
ESG Initiatives: Environment ・・・・・・・・・・・・・・
ESG Initiatives: Social・・・・・・・・・・・・・・・・・・
ESG Initiatives: Governance ・・・・・・・・・・・・・・・
Status of Unitholders ・・・・・・・・・・・・・・・・・・
Balance Sheet for 7th FP・・・・・・・・・・・・・・・・・
Statement of Income for 7th FP ・・・・・・・・・・・・・
Portfolio Assets ・・・・・・・・・・・・・・・・・・・・・
Leasing Structure based on Basic and Valuable Rent ・・・
Stable and Balanced Cash Flow Distribution Policy
Supported by FIT System ・・・・・・・・・・・・・・・・
Characteristics of PV Plant Revenue ・・・・・・・・・・・
History of CSIF ・・・・・・・・・・・・・・・・・・・・・
Renewable Energy Market in Japan ・・・・・・・・・・・
Disclaimer ・・・・・・・・・・・・・・・・・・・・・・・

31
32
33
34
35
36
37
38
39
40
41
42
43
44
45

1

1. Financial Highlights

2

Financial Highlights of 7 th FPOperating revenues resulted in the forecasted range though the actual energy output was slightly lower than theinitial forecast
Operating expenses increased for the operation of the power plants and the operating income resulted lower
than the forecast
Booked non-operating income from adjustment in the depreciation expenses by a retroactive adjustment of theacquisition price for CS Mashiki-machi power plant and insurance proceeds
As a result of the increase in net income, DPU (excl. distributions in excess of earnings) increased by JPY 47 due
to increase in the net income and DPU in excess of earnings decreased by the same amount. JPY 3,700
distribution in total is unchanged

ActualStatement of Income Data

Main difference (vs. forecast)

7th FP(ended Dec. 2020)

6th FP
Forecast@Feb. 13,2020

ActualIncrease /(Decrease)(vs. Forecast)(million yen)

Operating revenues

2,331

2,426

2,413

(13)

Operating income

840

887

858

(29)

Income before income taxes

692

706

717

11

Net income

691

705

716

11

Distribution per unit (including distributions
in excess of earnings) (yen)

3,700

3,700

3,700

0

Distributions per unit (excluding distributions
in excess of earnings) (yen)

2,992

3,052

3,099

47

708

648

601

(47)

Distributions in excess of earnings
per unit (yen)Operatingrevenues

Decrease in variable
rent

(13)

Operatingexpenses

Increase in other costs

14

Nonoperating
incomeAdjustment ofdepreciation
Insurance proceeds

363Portfolio Performance 7 th FP actual energy output ÷ projected energy output = 98.59％ (Full year of 2020: 99.07%)
 Total energy output(MWh)Projected

20,00015,000

Actual75.0%

116.3%

14,279.4

13,055.9

12,432.6

9,785.4

10,00089.0%

16,605.7

11,065.2

106.1%

105.1%

102.5%

11,690.2 12,400.5

9,217.6 9,452.4

7,916.0 8,316.0

5,000
0

Jul. 2020

Aug. 2020

Sep. 2020

Oct. 2020

Nov. 2020

Dec. 2020

 Energy output by projectS-01 CS Shibushi-shi
Power Plant(MWh)

S-02 CS Isa-shi
Power Plant

200
150

(MWh)
150
100

100
50

50
0

S-03 CS Kasama-shi
Power Plant

Jul. 2020

Aug. 2020

Sep. 2020

Oct. 2020

Nov. 2020

0Dec. 2020

S-04 CS Isa-shi Dai-niPower Plant

(MWh)
300

100

100

Aug. 2020

Sep. 2020

Oct. 2020

Nov. 2020

Dec. 2020

Sep. 2020

Oct. 2020

Nov. 2020

Dec. 2020

Jul. 2020

Aug. 2020

Sep. 2020

Oct. 2020

Nov. 2020

Dec. 2020

300
200

Jul. 2020

Aug. 2020

(MWh)

200

0

Jul. 2020

0

4

Portfolio Performance
S-05 CS Yusui-cho
Power Plant

S-06 CS Isa-shi Dai-sanPower Plant

(MWh)
300

(MWh)
300

200

200

100

100

0

S-07 CS Kasama-shi Dai-niPower Plant

Jul. 2020

Aug. 2020

Sep. 2020

Oct. 2020

Nov. 2020

0Dec. 2020(MWh)

S-08 CS Hiji-machi
Power Plant

300

Jul. 2020

Aug. 2020

Sep. 2020

Oct. 2020

Nov. 2020

Dec. 2020

Jul. 2020

Aug. 2020

Sep. 2020

Oct. 2020

Nov. 2020

Dec. 2020

Jul. 2020

Aug. 2020

Sep. 2020

Oct. 2020

Nov. 2020

Dec. 2020

Jul. 2020

Aug. 2020

Sep. 2020

Oct. 2020

Nov. 2020

Dec. 2020

Jul. 2020

Aug. 2020

Sep. 2020

Oct. 2020

Nov. 2020

Dec. 2020

(MWh)
400
300

200

200
100
0

S-09 CS Ashikita-machi
Power Plant

100
Jul. 2020

Aug. 2020

Sep. 2020

Oct. 2020

Nov. 2020

0Dec. 2020(MWh)

S-10 CS Minami Shimabara-shi
Power Plant (East & West)

350
250

200

50

S-11 CS Minano-machi
Power Plant

600
400

150

(50)

(MWh)

Jul. 2020

Aug. 2020

Sep. 2020

Oct. 2020

Nov. 2020

Dec. 20200

S-12 CS Kannami-cho
Power Plant

(MWh)
400

(MWh)
200

300
200

100

100
0

S-13 CS Mashiki-machi
Power Plant

Jul. 2020

Aug. 2020

Sep. 2020

Oct. 2020

Nov. 2020

S-14 CS Koriyama-shi
Power Plant

(MWh)
6,000

(MWh)
100
75

4,000

50

2,000
0

0

Dec. 2020

25
Jul. 2020

Aug. 2020

Sep. 2020

Oct. 2020

Nov. 2020

Dec. 2020

05

Portfolio Performance
S-15 CS Tsuyama-shi
Power Plant(MWh)

S-16 CS Ena-shi
Power Plant

300.0
200.0

200.0

100.0
0.0

S-17 CS Daisen-choPower Plant (A&B)

(MWh)
300.0

100.0
Jul. 2020

Aug. 2020

Sep. 2020

Oct. 2020

Nov. 2020

Dec. 2020

0.0

S-18 CS Takayama-shi
Power Plant(MWh)
4,000.0

Jul. 2020

Aug. 2020

Sep. 2020

Oct. 2020

Nov. 2020

Dec. 2020

Jul. 2020

Aug. 2020

Sep. 2020

Oct. 2020

Nov. 2020

Dec. 2020

Jul. 2020

Aug. 2020

Sep. 2020

Oct. 2020

Nov. 2020

Dec. 2020

Jul. 2020

Aug. 2020

Sep. 2020

Oct. 2020

Nov. 2020

Dec. 2020

(MWh)
150.0

3,000.0
100.0

2,000.0

50.0

1,000.0
0.0

S-19 CS Misato-machi
Power Plant

Jul. 2020

Aug. 2020

Sep. 2020

Oct. 2020

Nov. 2020

0.0

Dec. 2020(MWh)

S-20 CS Marumori-machi
Power Plant

200.0
150.0

(MWh)
300.0
200.0

100.0
100.0

50.0
0.0

S-21 CS Izu-shi
Power Plant

Jul. 2020

Aug. 2020

Sep. 2020

Oct. 2020

Nov. 2020

Dec. 2020

0.0

S-22 CS Ishikari(MWh)
Shinshinotsu-mura Power Plant

(MWh)

300

1,800.0
1,200.0

200

600.0

100

0.0

Jul. 2020

Aug. 2020

Sep. 2020

Oct. 2020

Nov. 2020

Dec. 2020

Jul. 2020

Aug. 2020

Sep. 2020

Oct. 2020

Nov. 2020

Dec. 20200

S-23 CS Osaki-shi Kejonuma (MWh)Power Plant
100
75
50
25
0

6

Asset List (1) – Power Plant Data, Valuation and etc.
No.

Project nameLocation

FIT
Price
(yen)

Acquisition Date

FIT Expiration

Land Rights

AcquisitionPrice(millionyen)

Valuation
Price (million
yen) (Note)

Portfolio %Panel Output
(kW)

S-01

CS Shibushi-shi Power Plant

Shibushi-shi, Kagoshima

40

Oct. 31, 2017

Sep. 16, 2034

Ownership

540

504

1.03

1,224.00

S-02

CS Isa-shi Power Plant

Isa-shi, Kagoshima

40

Oct. 31, 2017

Jun. 8, 2035

Lease-hold

372

334

0.68

931.77

S-03

CS Kasama-shi Power Plant

Kasama-shi, Ibaraki

40

Oct. 31, 2017

Jun. 25, 2035

Ownership/Easement

907

972

1.99

2,127.84

S-04

CS Isa-shi Dai-ni Power Plant

Isa-shi, Kagoshima

36

Oct. 31, 2017

Jun. 28, 2035

Lease-hold

778

695

1.42

2,013.99

S-05

CS Yusui-cho Power Plant

Aira-gun, Kagoshima

36

Oct. 31, 2017

Aug. 20, 2035

Lease-hold

670

599

1.23

1,749.30

S-06

CS Isa-shi Dai-san Power Plant

Isa-shi, Kagoshima

40

Oct. 31, 2017

Sep. 15, 2035

Lease-hold

949

859

1.76

2,225.08

S-07

CS Kasama-shi Dai-ni Power Plant

Kasama-shi, Ibaraki

40

Oct. 31, 2017

Sep. 23, 2035

Lease-hold

850

845

1.73

2,103.75

S-08

CS Hiji-machi Power Plant

Hayami-gun, Oita

36

Oct. 31, 2017

Oct. 12, 2035

Lease-hold

1,029

922

1.89

2,574.99

40

Oct. 31, 2017

Dec. 10, 2035

Lease-hold

989

903

1.85

2,347.80

Oct. 31, 2017

Dec. 24, 2035 (E)Jan. 28, 2036 (W)Lease-hold

1,733

1,682

3.44

3,928.86

S-09

CS Ashikita-machi Power Plant

Ashikita-gun, Kumamoto

S-10

CS Minamishimabara-shi Power Plant (East &West)

Shimabara-shi, Nagasaki

S-11

CS Minano-machi Power Plant

Chichibu-gun, Saitama

32

Oct. 31, 2017

Dec. 6, 2036

Ownership

1,018

1,061

2.17

2,448.60

S-12

CS Kannami-cho Power Plant

Tagata-gun, Shizuoka

36

Oct. 31, 2017

Mar. 2, 2037

Surface rights

514

526

1.08

1,336.32

S-13

CS Mashiki-machi Power Plant

Kamimashiki-gun, Kumamoto

36

Oct. 31, 2017

Jun. 1, 2037

Ownership/Easement

19,751

20,38541.70

47,692.62

S-14

CS Koriyama-shi Power Plant

Koriyama-shi, Fukushima

32

Feb. 1, 2018

Sep. 15, 2036

Ownership/Easement

246

237

0.48

636.00S-15

CS Tsuyama-shi Power Plant

Tsuyama-shi, Okayama

32

Feb. 1, 2018

Jun. 29, 2037

Ownership

746

724

1.48

1,930.50

S-16

CS Ena-shi Power Plant

Ena-shi, Gifu

32

Sep. 6, 2018

Sep. 12, 2037

Surface rights

757

775

1.59

2,124.20

S-17

CS Daisen-cho Power Plant (A) (B)Saihaku-gun, Tottori

10,447

10,04620.55

27,302.40

S-18

CS Takayama-shi Power Plant

S-19
S-20

40

40

Sep. 6, 2018

Aug. 9, 2037

Surface rights/Leasehold/Easement

Takayama-shi, Gifu

32

Sep. 6, 2018

Oct. 9, 2037

Ownership/Easement

326

315

0.64

962.28CS Misato-machi Power Plant

Kodama-gun, Saitama-ken

32

Mar. 1, 2019

Mar. 26, 2037

Ownership

470

447

0.91

1,082.00

CS Marumori-machi Power Plant

Igu-gun, Miyagi

36

Mar. 29, 2019

Jul. 12, 2038

Surface rights/Easement

850

800

1.64

2,194.50

S-21

CS Izu-shi Power Plant

Izu-shi, Shizuoka

36

Nov. 29, 2019Nov. 29, 2038

Surface rights

4,569

4,383

8.97

10,776.80

S-22

CS Ishikari Shinshinotsu-mura Power Plant

Ishikari-gun, Hokkaido

24

Sep. 28, 2020

Jul. 15, 2039

Ownership

680

666

1.36

2,384.64

S-23

CS Osaki-shi Kejonuma Power Plant

Osaki-shi, Kejonuma

21

Sep. 28, 2020

Jul. 21, 2039

Ownership

208

205

0.42

954.9949,40548,890100.00123,054.11

Total(Note)“Price” refers to the median project valuation report amount, which is the estimated values provided to us by PricewaterhouseCoopers Sustainability LLC (S01 – S18)
and Ernst & Young Transaction Advisory Services Co., Ltd.(S-19 – S-23) in its project valuation reports as of December 31, 2020.

7

Asset List (2) – Operational Result for 7 th FP(in thousand yen)No.

Project name

Basic Rent

Variable Rent andOther Revenues

Rental Expenses(incl. depreciation
expenses)

7,570

13,500Depreciation
Expenses

Net Operating
Income after
Depreciation
Expenses

S-01

CS Shibushi-shi Power Plant

19,040

S-02

CS Isa-shi Power Plant

14,1006,500

11,540

7,840

9,070

S-03

CS Kasama-shi Power Plant

29,25010,74021,21014,46018,780S-04

CS Isa-shi Dai-ni Power Plant

29,11012,14025,33016,46015,920S-05

CS Yusui-cho Power Plant

23,360

10,11021,58014,26011,900S-06

CS Isa-shi Dai-san Power Plant

34,67015,68029,56019,86020,790S-07

CS Kasama-shi Dai-ni Power Plant

28,8709,760

27,10017,60011,530S-08

CS Hiji-machi Power Plant

37,29019,14032,39022,07024,050S-09

CS Ashikita-machi Power Plant

36,92016,27030,10020,22023,090S-10

CS Minamishimabara-shi Power Plant (East & West)65,19029,49053,31035,22041,370S-11

CS Minano-machi Power Plant

30,5308,310

24,92016,20013,920S-12

CS Kannami-cho Power Plant

18,3605,530

17,100

9,660

6,790

S-13

CS Mashiki-machi Power Plant

684,810309,390

511,910

337,940482,290

S-14

CS Koriyama-shi Power Plant

7,540

2,880

6,310

4,190

4,110

S-15

CS Tsuyama-shi Power Plant

21,80010,93021,35013,06011,380S-16

CS Ena-shi Power Plant

25,48013,57022,84014,51016,210S-17

CS Daisen-cho Power Plant (A) (B)

383,530

132,860

328,040

214,570

188,350

S-18

CS Takayama-shi Power Plant

9,670

3,830

8,650

5,500

4,850

S-19

CS Misato-machi Power Plant

12,9406,520

11,980

7,590

7,470

S-20

CS Marumori-machi Power Plant

28,1909,260

35,63017,050

1,820

S-21

CS Izu-shi Power Plant

141,970

69,450143,040

87,78068,380

S-22

CS Ishikari Shinshinotsu-mura Power Plant

11,920

3,880

9,170

6,530

6,630

S-23

CS Osaki-shi Kejonuma Power Plant

3,740

1,510

2,910

1,860

2,340

1,698,290

715,340

1,409,490

913,920

1,004,140

Total

9,470

13,1108

2. Major Topics

9

AUM Snapshot Summary of AUM as of the end of 7 th FP. The fund has 23 power plants with total panel output of 123
MW and the total acquisition price is approximately ¥50Bn, which maintains the largest level among
the listed infrastructure funds.
<Portfolio as of the end of 7th FP># of projects

Panel output of AUM(Note)

23 projects

Total acquisition price asof the end of 7th FP¥49.73 Bn

123.0 MW

Total valuation price(Note)
as of the end of 7th FP¥48.89 Bn“Price” refers to the median project valuation report amount, which is the estimated values provided to us by PricewaterhouseCoopers Sustainability LLC and
Ernst & Young Transaction Advisory Services Co., Ltd. in its project valuation reports as of December 31, 2020.

 Historical panel output of AUM

 Historical valuation and book value (after depreciation)

MW

JPY billion

150

100
2.6
50
（MW）
0

30.4

3.3

10.7

3.4

72.7

@ IPO

3.4
10.7

3.3
30.4
2.6

72.7

Acquired Acquired Acquired Acquired Acquiredin 2nd FP in 3rd FP in 4th FP in 5th FP in 7th FP

Total

Valuation price
50.02

55

47.09

50

51.49
46.47

45
40

Book value

33.86

42.07

35.96

42.67

49.58
45.57

48.89
45.35

35
30

30.44
@ IPO

31.11

2nd FP

3rd FP

4th FP

5th FP

6th FP

7th FP

10

Unit Price Performance

Although the market generally slumped due to the spread of COVID-19 in March 2020, CSIF’s unit priceremained relatively stable and generally increased during ensuring months. CSIF’s unit price as of December 31,
2020 was up approximately 11.5% compared to the beginning of 2020.
Especially in the 2nd half of the year, CSIF’s unit price is outperforming that of peer listed infrastructure funds
and the TSE REIT Index.
(Yen)

140,000
130,000

CSIF unit trading volume (right)
本投資法人の出来高（右軸）日経平均（左軸）
Nikkei 225 (left)

CSIF unit price (closing price)
本投資法人（左軸）(left)
東証REIT指数（左軸）
TSE
REIT Index (left)【Apr. 27, 2020】
Start of TSE Infrastructure
Fund Index

TSE listed Infrastructure Fund
上場インフラファンド加重平均（左軸）weighted average (left)(units)5,000【Aug. 21, 2020】
First investment trust
originated by a listed
infrastructure fund

4,500
4,000

120,000
3,500
110,000

3,000

100,000
90,00080,0002,500【Dec. 30, 2020】
Closing price as of Dec. 31, 2020: 133,400
yen (approx. +11.5% compared to beginningof 2020)

2,000
1,500
1,000

70,00060,0002020/1500

2020/2 2020/3
2020/3 2020/4
2020/4 2020/5
2020/52020/6
2020/6 2020/7
2020/7 2020/8
2020/82020/9
2020/92020/102020/112020/122020/2
2020/102020/112020/12Source: Tokyo Stock Exchange, Inc.
Note: Weighted average of listed infrastructure funds, Nikkei average, and TSE REIT Index is benchmarked to CSIF’s closing price as of January 6, 2020 andshows the rate of decline since January 6, 2020.

011

Credit Rating and Issuance of Green Bonds
 Upgrade for JCR’s rating and newly obtaining R&I’s rating enable CSIF to broaden financesources and broaden the investors universe
Rating Agency
Japan Credit
Rating Agency,
Ltd.
Rating andInvestment
Information, Inc.

Subject to Rating

Rating Date

Long-term Issuer Rating

RatingOutlook

BeforeAfter

July 31, 2020

A-

A

StableThe 1st Unsecured Investment
Corporation Bond (only for Qualified
Institutional Investors)

July 31, 2020

A-

A

-

Long-term Issuer Rating

August 7, 2020-

A-

Stable Issuance of the 1st public Green Bonds as the listed infrastructure funds (after the 7 th fiscal period)
Issue Date

Offering Method

Issue Amount

Term

Interest
RateCreditRatingUse of Proceeds

January 26,
2021

Public offering

JPY 3.8 billion 5 years

0.80%

A (JCR)

Repayment of term loan

Based on the shelf registration in June 2020, flexible financing are to beachieved by leveraging the upgraded credit rating
12

Debt Profile (1) – Summary of Loans and Bonds(As of December 31, 2020)

Type

Initial amount(yen millions)

Outstanding(yen millions)Interest rateLong-term

15,70013,188Base rate plus 0.45%(fixed at 0.845% upon executinginterest rate swap)

Fixed

31-Oct-2017

10 years from drawdown date
JCR Green Finance Evaluation

Long-term

8,000

6,995

Base rate plus 0.45%(fixed at 1.042% upon executinginterest rate swap)

Fixed

6-Sep-2018

10 years from drawdown dateLong-term

700

623

Base rate plus 0.45%

Variable

29-Mar-2019

3 years from drawdown dateLong-term

4,500

4,248

Base rate plus 0.45%

Variable29-Nov-2019

2 years from drawdown date

Short-term

1,000

981

Base rate plus 0.30%

Variable

28-Sep-2020

1 years from drawdown date

Sub total of Loan

29,90026,042Long-term

1,100

1,100

0.71%

Fixed

6-Nov-2019

5 years from issuance date

Sub total of Bond

1,100

1,100

Total

31,00027,142Category

Loan

Bond

Interest
Drawdown date
rate type

Maturity

13

Debt Profile (2) – LTV and Fixed-to-variable interest rate ratio Continuously maintaining ability to obtain debt finance by keeping LTV at sound level though LTV
has risen slightly due to revaluation of the portfolio and acquisition of the new assets by the debt
 Fixed-to-valuable interest rate ratio is also controlled at a higher level and stable financial
operation is continued.
 LTV and Fixed-to-variable interest rate ratio
LTV (Note1)

Fixed-to-variable interest rate ratio (Note2)

as at end of June 2020

as at end of December 2020

as at end of June 2020

as at end of December 2020

54.31 %

55.52 %

81.36 %

78.41 %

(Note1) “LTV” are calculated without consumption tax bridge loan.
(Note2) “Fixed-to-variable interest rate ratio” refers to the ratio of fixed interest rate liabilities to total interest-bearing liabilities at that time.
Variable interest rate liabilities that were converted to fixed interest rate liabilities through interest rate swap agreements were deemed as fixed interest rate liabilities.

 Historical LTV
60.00%
55.00%
50.00%

49.78%

51.58%

54.31%

55.52%

6th FP

7th FP

53.74%
47.00%

45.00%

44.67%

40.00%@ IPO

2nd FP

3rd FP

4th FP

5th FP

14

Impact of Curtailment by Kyushu Electric Power Data of past cases of curtailment and estimated impacts are showed below. Business forecast for
the future FP includes estimated impacts. (9 out of 23 portfolio assets are located in Kyushu
region)
FP

3rd

4th

5th

6th

7th

No. of days of
implementation

8

48

13

71

2

No. of implementation
at CSIF power plants

12

117

21

249

1

Estimated rent income
decrease(thousand Yen)

¥3,833¥32,545¥3,750¥58,130¥95

Ratio of estimated rent
income decrease torent income forecast

0.21%

1.54%

0.17%

2.47%

0.004%



Current situation of
curtailment
andimpacts on CSIF

Kyushu Electric Power
commenced
curtailment in October
2018 in the 3rd FP.
In the 4th FP, despite
the high frequency of
curtailment fromMarch to May, actual
power generation
exceeded forecasted
amounts. Hence,
impact to CSIF’s
performance waslimited.
In the 4th FP, nocurtailments occurred
after May 13 because
inspections at thenuclear power plantscommenced, andelectric power
demand rose insummer.

 In the 6th FP, thecurtailment had seemed to have minor impacts
in view of ongoingregular inspections ofIn the 5th FP, the CSIF’s
the nuclear power
facilities were again
plants, measuressubject to curtailment
against terrorist attacks.
from October 13, 2019,
but the impact remained  However, the impact of
curtailment increased inlimited for the FP.
the 6th FP due theincrease of the numberof PV power plants in
Kyushu region anddecrease in electricity
demand by the current
situation with COVID-19.

In the 7th FP, thecurtailment had
seemed to have minor
impacts in view ofongoing regularinspections of thenuclear power plants
and measures against
terrorist attacks.
Strong electricity
demand in November
and December 2020
due to cold weather.

15

Responses Related to Curtailment■ Rationale behind installing online operation equipment ■ Examples of CSIF’s online operation retrofitting
Installed Cyclic Data Transfer system designed toTransition from all-day curtailment to hourly curtailment
manage power curtailment and to optimize output
is possible through retrofitting for online operation.
of the entire power conditioner.
Hours
出力制御 Offline output curtailment
subject
適用時間
to curtailment (all-day curtailment)

OutputOnline output curtailment(hourly curtailment)

CS Mashiki-machi PP

CS Minami Shimabara-shi
PP (east & west)

OutputCurtailment limited
to peak hours only

Full day output curtailment
regardless of peak hours
7am 8am 9am10am11am12pm1pm 2pm 3pm 4pm 5pm

Time

7am 8am 9am10am11am12pm1pm 2pm 3pm 4pm 5pm

Time

Expect to increase power generation efficiency
except for curtailed hours as well as transitioning tohourly curtailment instead of all-day curtailment

CSIF expects to reduce the negative impact of curtailment on its revenue by
installing a curtailment controller■ Promotion of installing curtailment controller by Kyushu Electric Power Transmission andDistribution Co., Inc.

The new curtailment method to be implemented by Kyushu Electric Power Transmission and Distribution Co., Inc.
as of April 2021 is expected to reduce curtailment duration in case of online output curtailment compared tooffline output curtailment. Kyushu Electric Power Transmission and Distribution Co., Inc. has announced its policy
to promote the installation of curtailment controllers.

■ Depending on cost-effectiveness, installment of the online output curtailment equipment to otherpower plants in Kyushu region is to be considered
16

ESG Initiatives (UN PRI / Wholesale Electricity Supply) Signatory to UN PRI

As of August 13, 2019, our asset manager, Canadian Solar Asset Management K.K. (“CSAM”), became thefirst Japanese asset manager of a listed infrastructure fund to be a signatory to the UN PRI (United Nations
supported Principles for Responsible Investment) to promote ESG (Environmental, Social, Governance)
investments.



The UN PRI sets the global standards for incorporating ESG factors into the decision-making process of asset
managers.

 CSAM’s approach on UN PRI

As a signatory to the UN PRI, CSAM devised an “Approach to UN PRI Guidelines” as of the end of December
2020 as its basic ESG policy, which can be found on CSIF’s website as of February 17, 2021.

 Power sales to renewable energy users through a Wholesale Electricity Supply Agreementwith Minna-denryoku, Inc. and Zero Watt Power Inc.
CS Marumori-machi Power Plant and CS Izu-shi Power Plant have concluded a Wholesale Electricity Supply
Agreement with Minna-denryoku, Inc. (hereinafter “Minna-denryoku”) and Zero Watt Power Inc. (hereinafter
Zero Watt Power”), respectively, to supply electricity to FIT electricity users from February 2021.

With respect to electricity consumption of both power plants, CS Marumori-machi Power Plant has started
purchasing electricity from December 2020 from Minna-denryoku, a supplier of clean energy derived fromrenewable sources and FIT electricity. CS Izu-shi Power Plant has also started purchasing electricity fromMarch 2021 from Zero Watt Power.



By executing the Wholesale Electricity Supply Agreement, households and corporations will be supplied withclean energy derived from renewable energy sources and FIT electricity, which in turn CSIF believes willcontribute to the utilization of renewable energy.
17

ESG Initiatives (Green Finance)
 CSIF devised a new Green Finance Framework which obtained a Green1(F) assessment from JCR,
the highest assessment rating as of May 11, 2020.

Stakeholders

Reporting onfund allocation
andenvironmental
improvement

Anticipatedacquisitions

1

IPO acquisitions

2

Acquisitions after IPO

3

Shinsei Green
Loan
Assessment

Anticipatedborrowings(Green loan)

JCR
Shinsei Bank,
Limited, etc

Borrowings(Green loan)

Financial
institutions

Investment
corporation
bonds (Green bond)

Bond investors

Green1(highest JCR evaluation)

1

CSIF obtained Green 1(Green Bond/Loan) rating, the highest rating from JCR and Shinsei Green Loan Assessment
from Shinsei Bank, Limited, which is one of CSIF’s arranger banks, for its anticipated borrowings of 17.0bn yen which
will be allocated towards the anticipated acquisitions.

2 The borrowings amounting to 15.7bn yen which was allocated towards the funds for acquiring the acquisitions for the

IPO obtained a Green1 (the highest rating) assessment by JCR as of November 22, 2017, based on JCR’s evaluation of
the use of proceeds and CSIF’s management/operation/transparency. Also, after an annual review, the borrowings
continued to be assessed as Green1 as of February 13, 2020.

3

As of January 2021, CSIF issued a 5-year Green Bond of 3.8bn yen, which was given JCR Green1 assessment and theproceeds will be used for the repayment of borrowings.
18

Government’s Proactive Stance for Carbon Neutrality
 PM Suga in October of 2020 set a target to achieve zero greenhouse gas emissions by 2050 in his
general policy speech.
 The “Green Growth Strategy Towards 2050 Carbon Neutrality” references a target for renewableenergy to compose of approximately 50~60% of the total energy mix by 2050. Carbon pricing is in
discussion as part of regulatory reform to realize a carbon neutral society. The policy was launched tomake all new passenger cars sold in Japan be electric cars(Note) until mid-2030s, which will allow
electricity demand to grow by 30~50%.
 Given the policies and forecasts released by the Japanese government, CSIF believes that renewableenergy may make up a larger portion of the supply of electricity generated in Japan.

 Government goals to realize net carbon neutrality

The government under PM Suga’s leadership has announced its policies toaggressively achieve net carbon neutrality
Long-term goal to reducegreenhouse emissions

Pledge to maximize use ofrenewable energy sources

Zero greenhousegas emissions

Renewable energy to bepromoted as theby 2050

main power source
in Japan’s energy mix

Increase in renewableenergy within total energy mix
Committee of experts have started discussions on
deciding the renewable energy electricity target mix for
the Sixth Strategic Energy Plan

Extensive utilization ofelectric cars

All newly soldpassenger cars to beelectric cars
by mid-2030

Increase electricity
supply to meet rising
electricity demand

Commence discussions
on carbon pricing rule

Actively devise
legislation on pricing
of carbon emissions
Promote use ofrenewable energy

Discussion and announcement of Green Growth Strategy
by the Council on Government Growth Strategy

Note: “Electric cars” refers to electric cars, fuel-cell vehicles, plug-in hybrid cars and hybrid cars. The same shall apply heretofore.

19

Main Points of the Revised Renewable Energy Act
 Detailed rules and procedures were announced by combined meetings under the leadership of
Agency for Natural Resources and Energy (ANREA) in February of 2021.
 Cash Reserve System for PV Demolition Cost
Categories subject
to the cash reserve
systemCash reserve
methodAll PV operations with FIT/FIP certificates of more than 10kW
In principle, PV operators with FIT/FIP certificates put cash reserve for demolition cost on OCCTO bywithholding such cash reserve from incoming electricity revenue. Exceptionally, cash reserve within
PV operators shall be permitted under certain conditions

Cash reserve period For ten years prior to the end of the FIT period with a monthly frequency
Cash reserveamountFor accredited PV projects whose procurement prices have already been determined by FY2019, thereserve amount is the level of assumed costs for decommissioning, etc. in the procurement pricecalculation determined by the Procurement Price Calculation Committee Market-linked FIP System






Market Price Benchmark: Adopted an area price with weighted-average prices on the Spot Market and Pre-Market
Frequency of Premium Distribution: One monthMarket Reference Term and Timing: A reference price on the JPEX shall be determined by “ Average Price for thePrevious Year + Monthly Adjusted Price (＝Monthly Average Price for the Current Year －Monthly Average Price for thePrevious Year”
Among the following items announced by ANREA are a) premium during the curtailment time, b) how to handle nonelectricity elements such as non-fossil value, c) how to handle FIP for the curtailment, d) balancing cost, e) rule on
aggregation business, f) requirements for a transfer of FIT to FIP, etc.

 Non-operational PV Project: Automatic Cancellation of FIT Certificate

Shall judge the progress status such as application for grid connection work in one year after the operational deadline
in case of PV which has an operational deadline after April 1, 2022
Shall judge the progress status in one year after April 1, 2022 in case PV of which operational deadline isdelayed as of April 1, 2022

20

Discussions on Power Producer-Side Wheeling Charge Power Producer-side Wheeling Charge

To ensure that renewable energy power producers bear a portion of the costs for maintaining
and managing transmission and distribution facilities based on the amount of power generated,which is 10% of Consignment Charge••

A Summary of •the details ofWheeling Charge ••Wheeling charge is to be levied on kW and kWh basis (1:1) and a scope of kWh-based charge
and calculation method are under discussions
A discount on wheeling charge is under discussions
Wheeling Charge shall be added to the wholesale price between power producers and retailers
under an amendment to the current agreement
There might be a possibility that a degree of decrease in Consignment Charge is that ofWheeling Charge in case of renewable energy with a low used capacity
ANREA’s committees will continue to discuss a cost sharing by users and adjustment measures
to renewable energy producers applying FIT

 Scheme of Wheeling Charge
Consignment
ChargeWheeling
ChargePower
Producers

Gridoperators
10%

Utilities bill

Retailers

End Users

90%

Wheeling charge shall be properly added to the wholesale price.
21

3. Summary of Public Offering in March 2021
and Management Policy

22Summary of Public Offering in March 2021
 The largest portfolio of JPY 80 Bn among the listed infrastructure funds after the public offering# ofProjects

Offering Format

Global Offering (Reg.S)

Units Offered

159,075 units

Total Offering AmountJPY 19,902,668,625

Issuer Price

JPY 125,115

Issuance Resolution Date /Delivery Date

February 17, 2021 /March 8, 2021

Sole Global Coordinator

Mizuho Securities Co., Ltd.

Domestic Joint Lead Managers,
Joint Bookrunners

Mizuho Securities Co., Ltd.
SMBC Nikko Securities Inc.

Total AcquisitionPrice

Total EstimatedValue<7th FP (ended December 2020)>

23¥49.40Bn¥48.89Bn

Total Panel
OutputLTV

123.0MW

55.5%

60.9MW-

183.9MW

52.9%<Assets acquired on March 8, 2021>

International Joint Lead Managers, Mizuho International plc
Joint Bookrunners
Macquarie Capital Limited

2¥30.59Bn¥31.32Bn<After acquisitions on March 8, 2021>

25¥80.00Bn¥80.21Bn(Note)

Note: LTV after the acquisitions was calculated based on the assumption that an early repayment will be made for a
portion of the existing borrowings by the issuance of the investment corporation bonds on January 26, 2021, in
addition to an early repayment for a portion of the existing borrowings in connection to the acquisition of CS Izu-shi
Power Plant using the proceeds from this offering and / or cash on hand.

 Track Record of Consistent External Growth (acquisition price basis)
IPO acquisitions (Oct 2017)
CS Mashikimachi PP(100Mn yen)

1,000
800

First PO (Sep 2018)

Acquired 13 projects with
72.7MW total panel
output

CS Mashikimachi PP

200
0

上場時
2017年10月

2 projects have beenacquired with 60.9MW
total panel output

5th FP acquisitions

7th FP acquisitions

Acquired 2 projects with
2.5MW total panel output

Acquired 2 projects with
3.2MW total panel output

Acquired 1 project with
10.7MW total panel output

Acquired 2 projects with
3.3MW total panel output

800.0
305.9

8.9

45.7

1,000

115.3

9.9

IPO
Oct 2017

CS Ogawaramachi PP

4th FP acquisitions

13.2

301.1

CS Hiji-machi
Dai-Ni PP

2nd FP acquisitions

600
400

Acquisitions (Mar 2021)

Acquired 3 projects with
30.3MW total panel
output311.0
第2期（2018年6月）

2nd Fiscal Period(period-ending
June 2018)

426.3
第3期
（2018年12月）

3rd Fiscal Period(period-ending
December 2018)

439.5
第4期
（2019年6月）

4th Fiscal Period(period-ending
June 2019)

485.2

第5期
（2019年12月）

5th Fiscal Period(period-ending
December 2019)

485.2

第6期
（2020年6月）

6th Fiscal Period(period-ending
June 2020)

494.0

第7期
（2020年12月）

取得予定資産取得後

7th Fiscal Period 取得予定 Portfolio
取得予定
after
Acquisitions(period-ending
acquisitions
資産
資産取得後
December 2020)

Note: The medium-term target shown above is CSIF’s target as of February 17, 2021, and does neither represent a guarantee nor promise that the target will be achieved nor when it
will be achieved. CSIF’s asset size expansion is dependent on financing environment, development schedule of solar power plants in the sponsor pipeline, acquisition opportunities
of projects outside of the sponsor pipeline, and negotiations with sellers. Hence, there is a possibility that the asset size target may not be achieved.

中期目標

Medium-termtarget (Note)23

Newly Acquired Assets in 8 th FP
 Diversification of large assets has been proceeded by acquiring CS Hiji-machi Dai-ni Power Plant
S-24

CS Hiji-machi Dai-ni Power Plant
Project NameCS Hiji-machi Dai-ni Power Plant

Acquisition Date

March 8, 2021

Location

Hayami-gun, Oita

Operator

Canadian Solar Projects K.K.

O&M Servicer

Canadian Solar O&M Japan K.K.

EPC Servicer

A joint-venture between
Kyudenko Corporation andObayashi Road Corporation

Summary ofSpecific
Contracts

Power Generation
Company

LOHAS ECE2 G.K.

Electric Power
Purchasing
Company

Kyushu Electric Power Company,
Incorporated

Purchase Price

JPY40/kWhCurtailment Rule

Land

Facility

30 daysArea

1,535,375㎡

Land Rights

Ownership, Lease-hold, Easement

COD

October 31, 2019

FIT Expiration

October 30, 2039

Panel Type

Polycrystalline silicon

Panel Output

53,403.66kW

Output Capacity

44,000kW

Panel Manufacturer

Canadian Solar

Inverter
Manufacturer

TMEIC

Frame Structure

Pile foundation (Ramming
method)First Year Projected
Capacity Factor

13.69%

Area

121,300㎡

Land Rights

Surface Rights, Lease-hold,
Easement

COD

March 20, 2020

FIT Expiration

March 19, 2040

Panel Type

Polycrystalline silicon(bi-facial)

Panel Output

7,515.35kW

Output Capacity

7,500kW

Panel Manufacturer

Canadian Solar Group

S-25 CS Ogawara-machi Power Plant
Project NameCS Ogawara-machi Power Plant

Acquisition Date

March 8, 2021

Location

Shibata-fun, Miyagi

Operator

Canadian Solar Projects K.K.

O&M Servicer

Canadian Solar O&M Japan K.K.

EPC Servicer

ETS Holdings Co., Ltd.

SummaryofSpecific
Contracts

Land

Facility

Power Generation
Company

Tida Power 45 G.K.

Electric Power
Purchasing Company

Tohoku Electric Power Network
Co., Inc.

Inverter
Manufacturer

Power Electronics

Purchase Price

JPY32/kWhFrame Structure

Pile foundation (Cast-in method)

UnlimitedFirst Year Projected
Capacity Factor

13.46%

Curtailment Rule24

Summary of Debt Finance at Public Offering■ Overview of Borrowings

Tentative
Scheduled amount ofInterest rate
drawdown dateborrowings

Type

LenderLongterm

Syndicate of lenders arranged by
Shinsei Bank, Limited, Sumitomo Mitsui
Banking Corporation, and Mizuho Bank, Ltd.
as arrangers,
MUFG Bank, Ltd. and Sumitomo Mitsui Trust
Bank, Limited. as co-arrangers

Longterm

17.0 billion yen

Shinsei Bank, Limited, Sumitomo Mitsui
Banking Corporation, and Mizuho Bank, Ltd.

2.3 billion yen

Base rateplus 0.45%

Base rateplus 0.20%

Maturity date

Repayment
methodUse of proceeds

Overview

March 8, 2021

10 years fromdate of loan
disbursement

Partialinstallments

Allocated towards funds
for acquisitions andrelated costs andexpensesUnguaranteed
Unsecured

March 8, 2021

Earlier date of (i) March
8, 2023 or (ii) the firstinterest payment dateafter the consumption
tax refund date

Lump sum

Allocated towards
payment of consumption
taxes of funds foracquisitions and related
costs and expenses

Unguaranteed
unsecured■ Effective Conversion of Variable Interest Rate to Fixed Interest Rate through Interest Rate SwapCounter Party

Notional Principal

Fixed Interest Rate

Commencement Date

Termination Date

Sumitomo Mitsui Trust Bank, Limited

JPY 17.0 billion

0.8199%March 29, 2021

March 8, 2031

■ Stable Lender Formation with Shinsei Bank, 3 Maga Banks and Sumitomo Mitsui Trust Bank as the Arranger
and Co-Arranger
The Bank ofFukuoka
The Fukuho
Bank

The MieBank

Sumitomo Mitsui
Banking

The Bank of
Saga
The TochigiBank

MUFG BankThe Shonai
Bank
ORIX Bank

Note:

Asahi
ShinkinBank
Hiroshima
Bank

Shinsei Bank

The Bank of
NagoyaThe Senshu
Ikeda Bank

The Nanto
Bank

ResonaBank

Mizuho Bank
Sumitomo Mitsui
Trust BankThe
AshikagaBank

The OitaBank
The Tottori
Bank

The
ChugokuBank

The 77 Bank

Total Debt

（39.4billion yen）

Shinsei Bank, Limited.

14.6%

The 77 Bank, Ltd.

2.7%

Sumitomo Mitsui Banking Corporation

12.7%

The Ashikaga Bank, Ltd.

2.3%

MUFG Bank, Ltd.

10.0%

ORIX Bank Corporation

2.1%

Mizuho Bank, Ltd.

8.1%

The Shonai Bank, Ltd.

1.9%

The Nanto Bank, Ltd.

7.8%

The Tochigi Bank, Ltd.

1.9%

Asahi Shinkin Bank

5.3%

The Bank of Saga, Ltd.

1.8%

Hiroshima Bank, Ltd.

5.0%

The Senshu Ikeda Bank, Ltd.

1.8%

Resona Bank, Limited.

3.8%

The Bank of Nagoya,Ltd.

1.8%

The Oita Bank, Ltd.

3.7%

The Fukuho Bank, Ltd.

1.3%

The Tottori Bank, Ltd.

3.5%

The Bank of Fukuoka, Ltd.

0.8%

Sumitomo Mitsui Trust Bank, Limited.

3.4%

The Mie Bank, Ltd.

0.4%

The Chugoku Bank, Ltd.

3.4%

The figures shown in the above pie chart and the right-hand side of each financial institution’s name indicate the ratio of borrowings from each financial institution to the total
amount of CSIF’s borrowings after the new borrowings. The ratio of borrowings was calculated based on the assumption that an early repayment will be made for a portion of theexisting borrowings by the issuance of investment corporation bonds on January 26, 2021, in addition to an early repayment for a portion of the existing borrowings in connection
to the acquisition of CS Izu-shi Power Plant using the proceeds from this offering and / or cash on hand.

25

8 th, 9 th & 10 th FP Business Forecast
 Business Forecast
8th Fiscal Period(ending June 2021)

9th Fiscal Period(ending December 2021)

10th Fiscal Period(ending June 2020)

Statement of Income (million yen)
Operating revenue

3,337

3,739

3,715

Operating profit

1,315

1,440

1,395

Ordinary profit

862

1,212

1,176

Current net profit

861

1,212

1,176

DPU (incl. distributions in excess of earnings)

3,700 yen

3,750 yen

3,750 yen

DPU (excl. distributions in excess of earnings)

2,207 yen

3,106 yen

3,014 yen

Per unit distributions in excess of earnings

1,493 yen

644 yen

736 yenCongruent with CSIF’s policy to maintain stable levels of distributions, though DPU excluding distributions inexcess of earnings will be decreased due to one-time expenses for the public offering in the 8 th FP, ¥3,700 of
DPU is expected by utilizing DPU in excess of earnings. Projected DPU for the 9 th and 10 th FP is ¥3,750 foreach which is increased by ¥50 after the acquisition of assets in the 8 th FP.
(Note-1) Figures are rounded down to the nearest million yen.
(Note-2) Above forecasts are based on earnings summary dated February 17, 2021 and is subject to change due to factors including without limitation, acquisition or sale of renewableenergy projects, changes in infrastructure markets, fluctuation in interest rates and other changes in circumstances surrounding CSIF. Forecasts do not guarantee any
dividend amounts.

26

Historical and Forecasted Dividend Realized stable dividend for the past 6 FPs since IPO ¥3,750 is forecasted for the dividend of the 9 th and 10 th FP. The acquisition of asset in the 8 th FP willcontribute to increase the amount by ¥50
 The fund aims to achieve a stable and sustainable distribution payout by utilizing distributions in excessof earnings
（円）

4,000

3,600

3,500

3,650

3,650

577

3,000

3,700

3,700

708

601

1,340

2,500

2,350

2,000

808
3,073

644

736

3,106

3,014

8th FP

9th FP

10th FP(Forecast)(Forecast)(Forecast)

1,493

2,992

3,099

2,310
1,542

3,750

1,817

1,500
1,000

3,750

3,700

2,207

1,783

500
0

2nd FP

3rd FP

4th FP

5th FPDPU (excl. distributions in excess of earnings)

6th FP

7th FPPer unit distrinitions in excess of earnings(Note) Figures for the 8th~10th Fiscal Period are forecasts and are subject to change. They do not represent guaranteed distribution amounts.

27

External Growth Strategy（Sponsor Pipeline）(the numbers are as of the end of Dec. 2020)

 Target to achieve ¥100Bn in asset size in medium term by mainly acquiring assets fromsponsor pipeline
 Sponsor portfolio snapshot

FIT purchase price range: Mostly ¥32~¥40/kWh
Fully taking advantage of vertically-integrated modelto actively develop new projects with lower FIT price
50MW~
50MW以上

2
9

7

14.8%

10MW~50MW
10MW以上50MW未満
5MW~10MW
5MW以上10MW未満

36.2%
31.9%

2MW~5MW
2MW以上5MW未満
5.8%
~2MW
2MW未満
3.0% 8.4%

440円/kWh¥40/kWh
36円/kWh¥36/kWh¥32/kWh
32円/kWh¥24/kWh
24円/kWh¥21/kWh
21円/kWh¥20/kWh
20円/kWh400

Operational
construction
Underdevelopment
稼働済資産Under 建設中資産
開発中資産

54.2

350
300
250
150

9.7

100

57.8

50
0

2021
2021年

100.0

2022
2022年

CS Shimane Hamada PP(2.0 MW)CS Hiroshima Suzuhari
PP (17.8 MW)

CS Fukuoka Saigawa PP(13.0 MW)CS Fukuoka Tagawa PP(0.7 MW)

157.8

2023~
2023年以降

CS Gunma Takasaki KG
PP (24.5 MW)
CS Gunma CC PP(21.0 MW)● Operational● Under construction● Under development● Acquired by CSIF

CS Kumamoto Mashiki
Dai-ni PP (1.2 MW)

75.1

2.0

Subtotal
累計

ENR
ENR…
Projects

CS Kumamoto Yamato
PP (1.5 MW)

CS Hokkaido Bihoro PP(2.5 MW)CS Gunma Minakami PP(20.0 MW)CS Miyagi Angel Land
PP (9.2 MW)

CS Gunma Minakami
Dai-ni PP (2.2 MW)

CS Miyagi Ogawara PP(7.5 MW)CS Gifu Kamitakara PP

CS Azuma Kofuji PP(100.0 MW)(20.1 MW)CS Okayama Shinyubara
PP (30.0 MW)

CS Tochigi Kitsuregawa
PP (1.2 MW)

CS Tottori Daisen Dai-ni
PP (1.9 MW)

CS Ibaraki Kurusu PP(11.3 MW)CS Oita Hiji PP(53.4 MW)CS Oita Munechika PP(8.1 MW)75.1
Operational
稼働済

ENR
Projects
ENR対象物件
383.5MW

29projects, 383.5MW

 Map of owned assets and sponsor assets

CS Yamaguchi
Aiofutajima PP(1.0 MW)

150.6

86.7

200

18projects, 150.6MW

ENR projects (Note)
2.0MW

CS Yamaguchi Hofu PP(8.0 MW) Operational start year and status ofsponsor portfolio assets(MW)

11projects, 232.9MW

Total sponsor portfolio

Under development

By FIT price (panel output)

By size (per asset)

7

Operational and underconstruction

CS Ibaraki Takamihara
PP (1.2 MW)
CS Saitama Kumagaya
PP (2.0 MW)

CS Ibaraki Kasama PP(13.5 MW)CS Hiroshima
Fukuyama PP (3.4 MW)

CS Higashikagawa PP(2.6 MW)CS Higashikagawa
Dai-ni PP (2.1 MW)

Source: Compiled by the Asset Manager based on disclosures by Canadian Solar Projects K.K.
Note: Total panel output of ENR projects are based on development plans as of December 31, 2020. Forecasted output and actual output may differ. Licenses and permits for ENR project development may not be completed and there is no assurance
that these projects will reach completion nor be ready for commercial operation. With respect to these ENR projects, CSIF has been granted Exclusive Negotiation Rights from project developers. As at December 31, 2020, the sponsor does notretain ownership of these projects and there is a likelihood that the sponsor will not acquire the project among other reasons. As at December 31, 2020, CSIF does not intend to acquire these projects and there is no assurance that CSIF will
acquire these projects.

28Appendix

29

Overview of Canadian Solar Group Canadian Solar Group’s history
Founded in Ontario, Canada, 2001

 Canadian Solar Group’s Global Operations
Module and System solutions(MSS) segment：18 countries
Energy segment ：17 countries
Solar panel factory：6 countries(15 factories)

Listed on NASDAQ (CSIQ) in 2006
Over 14,000 employees globally
Presence in 20 countries/territories(As of Sep 30, 2020)1
6
2

Delivered solar panels amounting to over 46 GW total
capacity

9 10
11

3

2

13

16

2

17

2
5
4 67
3 1

19

15

18
20
4

21
22

12

5

The manufacturer of the most “Bankable” (qualified as
lending subject) solar power module

Entered the Japan market in 2009 and establishedproven track record for shipping PV modules

142Over 16 GW solar power plants build and connected
globally (incl. Recurrent Energy)（by Bloomberg New Energy Finance 2019 Module Bankability Survey,
Canadian Solar, Inc. disclosed in “Investor Presentation” in 2020）

8

7

1 Canada

2 offices

11 UAE

2 offices

21 Singapore

1 office

2 U.S.

5 offices

12 South Africa

1 office

22 Australia

4 offices

3 Mexico

1 office

13 India

1 office

4 Brazil

2 offices

14 China

11 offices

5 Argentine

1 office

15 Taiwan

2 offices

6 U.K.

1 office

16 Korea

1 office

7 Germany

1 office

17 Japan

6 offices

8 Poland1 office

18 Thailand

1 office

9 Spain1 office

19 Vietnam

1 office

10 Italy

1 office

20 Malaysia

1 office30

Canadian Solar Group’s Vertically-integrated Business Model
GrowthPV plant
Acquire PV
plants

Project owner

CS Mashiki-machi
Power Plant

Own and lease solar
energy projects

Canadian Solar Infrastructure Fund,
Inc.

ProvideO&M
services

PV plant
management

Lease PVfacilities
PV plantdevelopment

Module

Cell

Wafer

Ingot
SiliconCanadian Solar Group (incl. sponsor)

Developer
Canadian Solar Projects K.K.

O&M provider
Canadian Solar O&M Japan K.K.

31

Organizational Structure Identical structure as a typical J-REIT Our revenue is derived from rent income of solar energy projects
Canadian Solar Asset Management K.K.
Engaged in asset management in Canadian Solar
Infrastructure Fund, Inc.
 Established in June 2016
Canadian Solar Projects K.K. (Sponsor)(Sponsor / Operator)
 Engaged in construction and operation of solar
energy facilities
 Established in May 2014

Canadian Solar O&M Japan K.K.
Provides O&M services to solar energy facilities
including our currently-owned projects
 Established in June 2016


AssetManagement
Agreement

AssetManager
EquityInterest

SponsorSupportAgreement

Sales of PV modules for use in residential andindustrial solar power systems
 Established in June 2009

Investment
Corporation(Fund)

Investors
EquityLoan
Agreements

Lenders

Sponsor /Operator
O&M Service
Agreement

Solar Energy
Projects
Lease /
Purchase
Agreements

O&M

Landowners

Lease / Operation
Agreement

Canadian Solar Japan K.K.


Distributions

Asset Management
Service Agreements

LesseeOperator
SPC, etc.

Utilities
PPAs /
Interconnection
Agreements

32

ESG Initiatives: Environment
 In consideration of the environment, CSIF and the Sponsor contributes to theutilization of renewable energy through renewable energy investments Incorporate measures to reduce environmental impact from manufacturing solar panels


The Canadian Solar Group is focused on reducing the environmental impact from solar panel
manufacturing processes such as greenhouse gases and industrial waste water.
Reduction of greenhouse gas
emissions (/ kW)
2016

2019

533.53kg -42.1% 308.96kg

Reduction of industrial water
consumption (/ MW)
2016

550m3

2019

-40.2% 329m3

Source: “Sustainability Report 2018”, “Sustainability Report 2019” (Canadian Solar Inc.)

 Environmentally-conscious development and operation of CS Daisen-cho Power Plant

Given that Mount Daisen located near CS Daisen-cho Power Plant owned by CSIF, is in close
proximity to an ecosystem rich with forests, plants and wild birds, the Sponsor made efforts to
refrain from using chain-saws when developing the project to avoid damaging the habitat of rare
species of indigenous falcons as well as painting the fence around the site using camouflage colors.

33

ESG Initiatives: Social
 Canadian Solar Group's relationship with local communities at Hiji-machi
In May 2017, the Sponsor supported a local fish releasing event of Hijitown near CS Hiji-machi Power Plant and CS Hiji-machi Dai-Ni Power Plant
as part of its efforts to protect local traditions and specialty products of thearea.

 Canadian Solar Group’s relationship with the local community around CS Daisen-cho
The Sponsor constructed the Daisen Canadian Garden and donated it to the Daisen-cho Town Government incommemoration of the completion of CS Daisen-cho Power Plant, now owned by the CSIF after development, and as
part of its contribution to local communities in an effort to create harmony between nature and the large-scale solar
power plant. In addition, it repaired the Hima Jinja Shrine in the same town and donated an incense holder made ofwhite granite to the Shimpukuji Temple.

Repaired the Hima Jinja Shrine

Donated an incense holder madeof white granite to Shimpukuji
TempleIn the Daisen Canadian Garden, there is a monument
created in the motif of the local mountain, Mt. Daisen.

 Donation to Marumori-machi, Igu-gun, Miyagi prefecture where CS Marumori-machi is located

The sponsor and CSAM offered donations to the Marumori-machi Town Government. The town was severely hit by
Typhoon Hagibis in October 2019.

34

ESG Initiatives: Governance Aligning the interest of unitholders with that of the SponsorWe aim to increase unitholders’ value by aligning the interest of unitholders with that of the sponsor.

Number of units held by the sponsor and holding ratio after the offering: 56,620 units （14.79%）
 Decision-making Procedures for Asset Purchase and Transfer Transactions with Related Parties


The Asset Manager has implemented measures in the Regulations for Related-Party Transactions to limit adverse effects
in connection with transactions with related parties such as Canadian Solar Group companies where conflicts of interest
are highly likely to emerge
Decision-Making Structure Concerning Transactions with Related Parties in connection with Asset Acquisitions and Transfers
Transactions with related parties(other transactions)

Transactions with related parties(such transactions worth 5 billion yen or more)
Drafting of asset acquisition and other plans by theInvestment Management Department

Drafting of asset acquisition and other plans by theInvestment Management Department

Approval by the Chief Compliance Officer(confirmation of the presence or absence ofcompliance problems including the state of compliance Send proposal
with laws and regulations)back
Deliberation and resolution by the Compliance
Committee
Deliberation and resolution by theInvestment Management Committee
Deliberation and resolution by the Board of Directorsof the Asset Manager
Approval by the Board of Directors of the Investment
Corporation and Agreement by the Investment
Corporation

Rejection andsend proposal backRejection andsend proposal backRejection andsend proposal backRejection, disagreement
and send proposal backApproval by the Chief Compliance Officer(confirmation of the presence or absence ofcompliance problems including the state of compliance Send proposal
with laws and regulations)back
Deliberation and resolution by the Compliance
Committee
Deliberation and resolution by theInvestment Management Committee

Rejection andsend proposal backRejection andsend proposal backApproval by the Board of Directors of the Investment
Corporation and Agreement by the Investment
Rejection, disagreement
Corporationand send proposal backReport to the Board of Directors of the Asset Manager

35

Status of Unitholders
 Unitholding (as at period-ended December 2020)
 By unitholding amount# ofInvestment
units:
231,190

 By unitholders■ Individuals / others

115,401units (49.91%)■ Financial institutions

23,438units (28.55%)(incl. financial instruments firms)■ Domestic corporates

51,976units (22.48%)# ofUnitholders:
11,746■ Foreign entities & individuals 40,375units (17.46%)

Name■ Individuals / others

11,447 (97.45%)■ Financial institutions

40 ( 0.34%)(incl. financial instruments firms)■ Domestic corporates

192 ( 1.63%)■ Foreign entities & individuals

67 ( 0.57%)

Number ofinvestment units
held (units)

Unitholding ratio to total issued
units (％)

1

Canadian Solar Projects K.K.

33,89514.66%

2

SSBTC CLIENT OMNIBUS ACCOUNT

8,292

3.58%

3

UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT

6,105

2.64%

4

THE BANK OF NEW YORK

4,654

2.01%

5

THE BANK OF NEW YORK MELLON

4,379

1.89%

6

The Bank of Fukuoka, Ltd.

3,510

1.51%

7

JP MORGAN CHASE BANK

3,497

1.51%

8

Individual investor

3,300

1.42%

9

THE FUKUHO BANK, LTD.

2,440

1.05%

10

CITIBANK INTERNATIONAL PLC AS STANDARD LIFE WEALTH PHOENIX FUND

2,437

1.05%

Total

72,50931.36%(Note): Unitholding ratio is rounded down to the nearest hundredth.

36Balance Sheet for 7 th FP
 7 th Fiscal Period (ended December 2020)
 Assets(in thousands of yen)

Current assets
Cash and bank deposit
Operating accounts receivable
Prepaid expenses
Consumption tax receivable
Other current assets
Total current assets

2,828,532
362,206
155,628
26,2412,130
3,374,740

Fixed assets
Property and equipment

1,043,042△106,526
936,515
42,426,996△4,716,860
37,710,136
590,418△66,933
523,485
4,485,144Construction in progress
Structures in trust
Accumulated depreciation
Total structures in trust (net)
Machinery and equipment in trust
Accumulated depreciation
Total machinery and equipment in trust (net)
Tools, equipment and supplies in trust
Accumulated depreciation
Total tools, equipment and supplies in trust (net)Land in trust
Total property and equipment

33,071△341
32,729776,471△8,017
768,453
3,204
△33
3,171
116,748
44,593,402

Leasehold rights
SoftwareTotal intangible assets

Guarantee deposits
Total investments and other assets
Total fixed assets
Deferred assets
Investment corporation bond issuance cost
Total deferred assets
Total assets

Structures
Accumulated depreciation
Total structures (net)
Machinery and equipment
Accumulated depreciation
Total machinery and equipment (net)
Tools, equipment and supplies
Accumulated depreciation
Total tools, equipment and supplies (net)Land

Intangible assets

Investments and other assets
Long-term prepaid expenses
Deferred tax asset
Long-term deposits

17,017753,139
1,566
754,706

 Liabilities and Net Assets
Current liabilities

Accounts payable (other)
Long-term borrowings to be repaid within 1 year
Accounts payable
Accrued expenses
Income taxes payable
Consumption taxes payable
Deposits received
Total current liabilities

269,287
13
15,60037,790322,690
45,670,799
6,776
6,776
49,052,315(in thousands of yen)
67,9106,517,867
109,145
102,519879
33,9483,085
6,835,355

Fixed liabilities
Investment corporation bondLong-term borrowings
Total fixed liabilities
Total liabilities
Unitholders’ equity
Unitholders’ capital
Amount deducted from Unitholders’ capital
Unitholders’ capital (net)
Surplus
Unappropriated retained earnings(accumulated deficit)
Total surplus
Total unitholders’ equity
Total net assets
Total liabilities and net assets

1,100,000
19,524,374
20,624,374
27,459,730
22,050,175△1,174,155
20,876,019
716,565
716,565
21,592,585
21,592,585
49,052,315

37

Statement of Income for 7 th FP
 7 th Fiscal Period (ended December 2020)(in thousands of yen)
Operating revenues
Rental revenues

2,413,625

Total operating revenue

2,413,625

Operating expenses
Rental expenses of renewable energy projects

1,409,487

Asset management fee

61,062Administrative service fees

18,994

Director’s compensation

2,400

Tax and dues

436

Other operating expenses

62,912

Total operating expenses

1,555,292

Operating profit

858,332

Non-operating income
Interest income
Insurance proceeds
Interest on refund
Total non-operating income
Non-operating expenses
Interest expenses
Interest expenses on investment corporation bondAmortization of investment corporation bondissuance expenses
Borrowing-related expenses
Loss on retirement of fixed assets
Total non-operating expenses

14
1,219
35,501
36,735111,324
3,937
879
56,792
4,787
177,721

Ordinary income

717,346

Income before income taxes

717,346

Income taxes
Income tax adjustments
Total income taxes
Net income
Profits brought forward
Unappropriated retained earnings(accumulated deficit)

881
2
883
716,462103
716,565

38

Portfolio Assets
 As at period-ended December 2020
S-01 CS Shibushi-shi
Power Plant 1.2MW

S-02 CS Isa-shi
Power Plant 0.9MW

S-03 CS Kasama-shi
Power Plant 2.1MW

S-04 CS Isa-shi Dai-niPower Plant 2.0MW

S-05 CS Yusui-cho
Power Plant

1.7MW

S-06 CS Isa-shi Dai-sanPower Plant 2.2MW

S-07 CS Kasama-shi Dai-niPower Plant 2.1MW

S-08 CS Hiji-machi
Power Plant

S-09 CS Ashikita-machi
Power Plant 2.3MW

S-10 CS Minami Shimabara-shi
Power Plant (East & West) 3.9MW

S-11 CS Minano-machi
Power Plant 2.4MW

S-12 CS Kannami-cho
Power Plant 1.3MW

S-13 CS Mashiki-machi
Power Plant 47.7MW

S-14 CS Koriyama-shi
Power Plant 0.6MW

S-15 CS Tsuyama-shi
Power Plant 2.0MW

S-16 CS Ena-shi
Power Plant

S-17 CS Daisen-choPower Plant (A&B)

S-18 CS Takayama-shi
Power Plant 1.0MW

S-19 CS Misato-machi
Power Plant 1.1MW

S-20 CS Marumori-machi
Power Plant 2.2MW

S-21 CS Izu-shi
Power Plant 10.7MW

S-22 CS Ishikari
Shinshinotsu-muraPower Plant 2.3MW

2.6MW

2.1MW

27.3MW

S-23 CS Osaki-shi Kejonuma
Power Plant 0.9MW

39

Leasing Structure based on Basic and Valuable rent
 Calculation method of basic rent and variable rent in anticipated projects to be acquired
Basic rentMonthly projected energy output (P50) ×(100－Y)% × 70% × FIT purchase price

Variable rent(Monthly actual energy output × (100－Y)% × FIT purchase price) － Basic rent

 Even if actual energy output is lower than projected energy output (P50), the operator will be able to receive basic rent from lessee
 If actual energy output exceeds 70% of projected energy output (P50), possible to obtain variable rent

 Diagram of rent structure
Projected revenue from sales of electricity(before deducting lessee’s operating costs
and operator compensation)
×Y％

Projected energy output (P50)
×FIT purchase price

Rental income of Canadian Solar
Infrastructure Fund, Inc.

Projected energy output (P50)
×FIT purchase price×(100-Y)%
Projected energy output (P50)
×FIT purchase price × X%

Variable rent
×Y％

Projected energy output (P50)
×FIT purchase price × X%
×(100-Y)%

Basic rent

Projected energy
output (P50)×X%

Projected energy
output (P50)

Note-1: Projected energy output (P50) is monthly predicted solar
energy output in lease term as described in technical reportNote-2: Y is percentage based on lessee’s operation cost and operator
compensation
Note-3: Negative variable rent is regarded as zero

Actual energy output

40

Stable and Balanced Cash Flow Distribution Policy
Supported by FIT System
 Cash distributions to CSIF’s unitholders for each fiscal period are calculated by multiplying theresidual free cash flow (“NCF”), which refers to free cash flow (“FCF”) minus debt interest
payments, by a fixed ratio, which is determined by CSIF for each fiscal period.
 Image of distribution in excess of earnings
Expenses ofleasingbusiness

Expenses ofleasingbusiness
Capitalexpenditure
Debt interest
Total rental
revenues

Debt interest
FCF made by
renewable energy facilities

Use forreinvestment

Debt
repayment
Retainedearnings
Residual FCF(NCF)

Revenue

Expenses

Residual FCF
×a fixed ratio

Cashdistribution

Distribution

Up to 60%of depreciation

Depreciation

Distribution inexcess of
earnings
Distribution
from profit

Net income

Breakdown

P/L

Note: The chart above is presented solely to facilitate a general understanding of the mechanism for cash distributions, and does not represent the ratio of our rental revenues or cash distributions inexcess of retained earnings. CSIF may decide not to make any amount of cash distributions in excess of retained earnings for a particular fiscal period, based on a consideration of factors such as
economic or renewable energy market conditions or financial conditions, among other factors, after taking into account of our financial situation and alternative uses of cash, such as the execution of
repair plans and capital expenditures, the repayment of borrowings and project acquisition opportunities. We may, in place of making cash distributions in excess of retained earnings, decide toacquire our own units.

41

Characteristics of PV Plant Revenue
 Forecastability of earning stability on a long-term basis
 FIT price and FIT period of our PV plants are binding in accordance with the Feed-in-Tariff system. Moreover,given that our assets-under-management are set up so that we can capture basic rent from the lessee, we
assume that any decline in rent income won’t exceed a certain limit.
 Given that expenses on depreciable assets are largely fixed, earnings forecasts can be realistically projected
for the long-term.

 Dynamics of PV plant revenue during FIT period

AmountOperatingrevenues

Operating revenues generally decrease gradually over the
medium to long term due to expected degradation of PV
modules.

Operatingexpenses

Depreciable asset tax, a large expense component,
decreases due to a straight-line-based depreciation, so
operating expenses generally decrease gradually over the
medium to long term, under the assumption that expenses
other than taxes on depreciable assets be largely fixed(including assumed regular maintenance costs).

Operating revenues
Operating expenses

Non-operating expenses

Net income

Time

Amortization payments of loan principal and interest rates
that are partially fixed generally cause non-operating
Non-operating expenses to decrease gradually over the medium to longexpensesterm given typical amortization schedules, as thesepayments are the primary component of nonoperating
expenses.

Note: The chart above is presented solely to facilitate a general understanding of the theory management considers in approaching the business of solar energy projects during the FIT period term. The chart assumes thecontinuous operations of solar energy projects during the FIT period term under normalized conditions, with no extraordinary events, including additional acquisitions or dispositions of projects, or expenses or changes in theoperating or regulatory environment. Actual results may vary significantly depending on the particular features and circumstances of infrastructure funds, as well as unexpected events or changes or the realization of various
risks. You should not rely on this model to predict the outcome of our operating revenues, operating expenses, non-operating expenses or net income.

42

History of CSIF
Date

Event

April 21, 2017

Notification on incorporation of the Investment Corporation by the organizer (Canadian Solar Asset Management K.K.) in
accordance with Article 69, Paragraph 1 of the Investment Trust Law

May 18, 2017

Registration of incorporation of the Investment Corporation in accordance with Article 166 of the Investment Trust Law,
Company Incorporation

May 25, 2017

Application for registration of the Investment Corporation in accordance with Article 188 of the Investment Trust Law

June 9, 2017

Prime Minister's approval of registration of the Investment Corporation in accordance with Article 187 of the Investment
Trust Law (Kanto Regional Finance Bureau Director-General Registration No. 127)

October 30, 2017

Listing on Tokyo Stock Exchange (Securities Code:9284)
Acquisition of 13 power plants (AUM: 13 power plants, total acquisition price JPY30.4Bn and total panel output 72.7MW)

February 1, 2018

Acquisition of 2 power plants (AUM: 15 power plants, total acquisition price JPY31.4Bn and total panel output 75.2MW)

September 6, 2018

Follow-on Offering
Acquisition of 3 power plants (AUM: 18 power plants, total acquisition price JPY42.9Bn and total panel output 105.6MW)

March 1, 2019

Acquisition of 1 power plants (AUM: 19 power plants, total acquisition price JPY43.3Bn and total panel output 106.7MW)

March 29, 2019

Acquisition of 1 power plants (AUM: 20 power plants, total acquisition price JPY44.2Bn and total panel output 108.9MW)

November 29, 2019

Acquisition of 1 power plants (AUM: 21 power plants, total acquisition price JPY48.8Bn and total panel output 119.7MW)

September 28, 2020

Acquisition of 2 power plants (AUM: 23 power plants, total acquisition price JPY49.7Bn and total panel output 123.0MW)

March 8, 2021

Follow-on Offering
Acquisition of 2 power plants (AUM: 25 power plants, total acquisition price JPY80.0Bn and total panel output 183.9MW)

43

Renewable Energy Market in Japan Ratio of renewables in Japan’s energy mix

 The 2030 energy mix was devised in 2015 under the current Strategic Energy Plan. Discussions on the Sixth Strategic Energy Plan
which will determine the renewable energy electricity target have already started.
 The Japanese government intends to make renewable energy compose a larger share of the energy mix. Renewable energy is
expected to continue growing.
Renewable Energy
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

Nuclear

Coal

Fossil fuelNature Gas(Incl. LNG)

Other

Projected 2030 energy sources
by industry groups and institutions

1.8%
27.0%

37.1%

3.0%

6.8%

27.0%

20.0%

14.6%

24.0%

24.3%

2030年
FY2030
政府目標
Government
target

IEEJ
IEEJ
通常シナリオ(Main
scenario)

6.2%
18.0%
実績

1.9%

26.0%

31.9%

2019年
FY2019

30.5%

24.2%

26.0%

1.9%

1.5%

24.3%

21.2%

21.4%

21.0%

28.3%

30.3%

35.6%

27.0%

1.3%
4.2%

3.0%
15.0%

24.4%

15.0%

34.5%

40.0%

Estimations
IEA
IEEJ
IEA
IEA
IEEJ
IEA
経済同友会試算
by Japan
通常シナリオ
パリ協定 with(Main
scenario) 技術進展シナリオ(Technical(Compliance
Association of
順守シナリオadvancement)
the Paris
Corporation
Agreement)
Executives

The Japanese government has started
discussions to prioritize renewable energy
sources

Source: Complied by the Asset Manager based on “Long-term Outlook of Energy Supply and
Demand (July 2015)” by METI, “World Energy Outlook 2020” by IEA, “IEEJ Energy Outlook
2021” by IEEJ, and “Making renewable energy compose 40% of total energy mix by 2030 –How to overcome obstacles to achieve this objective” by Keizai Doyukai.

 Breakdown of greenhouse emissions in Japan

 Carbon emissions from electricity production makes up 35.7% of total carbon emissions in Japan.
 Renewable energy is expected to contribute towards lowering Japan’s carbon emissions as it prepares to achieve the 2050 Zero
Carbon declaration by the Suga Cabinet.
 Breakdown of greenhouse emissions
Energy-related CO2
emissions (electricity)

8.8%
6.3%
35.7%

Energy-related CO2
emissions (non-electricity)

FY2019greenhousegas emissions(1.21bn tons)

Non-energy-related
CO2 emissions
Greenhouse gas
emissions other than CO2

Renewable energy
sources

Fossil fuel
Reduced carbon
emissions with theutilization ofrenewable energy

49.1%

Source: Compiled by CSAM based on information on the Ministry of Environment’s website.

44

Disclaimer• This document has been prepared to provide information, and is not for soliciting and inviting investments in orrecommending transaction of certain products. We request investors to make investments with their own
responsibility and judgment.
• This document does not constitute a disclosure document or a management report based on the Financial
Instruments and Exchange Act, the Act on Investment Trusts and Investment Corporations or the listing regulationsof the Tokyo Stock Exchange.
• In addition to information on Canadian Solar Infrastructure Fund, Inc. (the "Investment Corporation"), this document
includes figures, tables and data prepared by Canadian Solar Asset Management K.K. (the "Asset Manager") based ondata/index and other information released by third parties. Analysis, judgment and other views of the Asset Manager
on such information at the time of preparation are also included in this document.
• The information contained in this document is not audited and there is no assurance of the accuracy and certainty ofsuch information. Analysis, judgment and other non-factual views of the Asset Manager represent views of the AssetManager at this point in time. Different views may exist or the Asset Manager may change its views in the future.
• Figures under the same items of other disclosed materials may differ from figures presented in this document due todifference in the rounding of fractions, etc.
• While the Investment Corporation takes reasonable care in the preparation of this document, there may be errors.
Readers are also cautioned that the contents of this document may be corrected or changed without prior notice.
• The Investment Corporation and the Asset Manager assume no responsibility for the accuracy of data, indexes andother information released by third parties.
• This document includes statements regarding future policies, etc. of the Investment Corporation. However, thesestatements do not guarantee said future policies, etc.
• For the convenience of preparing graphs, the dates indicated herein may differ from actual business dates.

45